Pioneer Savings & Loan Ass'n v. Wilkins

Citations

• 14 S.D. 490
• 85 N.W. 994
• 1901 S.D. LEXIS 37

Syllabus

<p>The constitutution and by laws of a building association provided that the shareholder should not have any claim to any interest in the affairs or funds of the association, nor any control of them, except as specifically set forth in the by-laws, and should assume no further liability except as therein prescribed. A borrower from a building association thereafter purchased, with the consent of the association, certain shares of its stock, and after the assignment thereof fully paid up installments thereon, and all the interest, until the time when, under the terms of the stock certificate, he became entitled to receive from the plaintiff the sum agreed upon in said certificate. In the meantime, and after the maturity of the certificate, the association went into voluntary liquidation. Held, that in proceedings by the association to enforce its loan the borrower was entitled to set off the full amount agreed to be paid under the certificate, and not its depreciated value.</p>